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Global Destination Spa Market – Industry Trends and Forecast to 2029

FMCG

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Global Destination Spa Market – Industry Trends and Forecast to 2029

  • FMCG
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Destination Spa Market – Industry Trends and Forecast to 2029

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 22,554.00 USD Million
Diagram Market Size (Forecast Year) USD 39,926.19 USD Million
Diagram CAGR %

Major Markets Players

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Global Destination Spa Market, By Service Type (Balneotherapy, Body Treatments, Aromatherapy, Electrolysis, Facials, Fitness Consultation, Hair Care, Ionithermie, Massage, Medical Treatment, Nail Care, Nutrition Counseling, Skin Exfoliation, Waxing, Weight Loss), End User (Male, Female) – Industry Trends and Forecast to 2029

Destination Spa Market

Market Analysis and Size

The World Health Organization estimates that 3.8 percent of the world's population suffers from depression, with 5 percent of adults and 5.7 percent of persons over 60 years old being affected. Therefore, the demand for spa services around the world is being driven by rising health issues including anxiety, depression, and stress brought on by changing and stressful lives. As a result, the market is estimated to grow rapidly over forecasted period.

Global destination spa market was valued at USD 22554.00 million in 2021 and is expected to reach USD 39926.19 million by 2029, registering a CAGR of 7.40% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Service Type (Balneotherapy, Body Treatments, Aromatherapy, Electrolysis, Facials, Fitness Consultation, Hair Care, Ionithermie, Massage, Medical Treatment, Nail Care, Nutrition Counseling, Skin Exfoliation, Waxing, Weight Loss), End User (Male, Female)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa

Market Players Covered

Kindred Group PLC (Malta), Flutter Entertainment plc (Ireland), NetEnt AB (publ). (Sweden), Betsson AB (publ) (Sweden), Ladbrokes Betting & Gaming Ltd. (U.K.), and 888 Holdings (U.K.), Lottery.hk (China), The Hong Kong Jockey Club (China), MGM Resorts International (U.S.), Crown Resorts Limited (Australia), Caesars Entertainment (U.S.), Las Vegas Sands Corporation (U.S.), Melco International Development Limited (China),  Genting Berhad (Malaysia), Wynn Resorts Holdings, LLC (U.S.) and Galaxy Entertainment Group Limited (China)

Market Opportunities

  • Growing utilization of innovative promoting strategies
  • Growing number of innovations such as hybrid spa technology

Market Definition

Spa facilities are a collective term used to describe a variety of establishments that revitalise the mind and body through facial, body massage, manicure, pedicure, body care, and other services provided by professional staff. Destination spa or a health resort is basically a resort built around a spa, like a mineral spa. The spas frequently have a favourable impact on health in some way through stress relief and health education.

Destination Spa Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • Increased Health and Wellness Activities

The market's expanding momentum is attributed to elements like the rising prevalence of lifestyle-related illnesses and the shifting emphasis on health and wellness activities. More and more people are turning to wellness and other personal care activities like spa therapies, sauna treatments, and other body therapies as a result of urbanization, an increase in the working population, and hectic lifestyles. Spa treatments have several advantages, including reducing stress, improving sleep, making skin more luminous, releasing dopamine and serotonin, helping with anti-aging problems, reducing headaches, relieving pain, improving blood flow and circulation, and boosting confidence others.

Additionally, increasing disposable income and an increase in tourism-related activities are speeding up market expansion. As people become more conscious of their health, there are increasing mental and physical health difficulties, such as depression, dementia, and cardiovascular diseases. Moreover, the increasing popularity of various types of services such as hotel spa, medical spa, and others coupled with the availability of natural and organic procedures and floatation therapies boosts the market growth.

Opportunities

  • Innovations and Marketing Strategies

Furthermore, the growing number of innovations such as hybrid spa technology further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing utilization of innovative promoting strategies on social media to strengthen brand positioning will further expand the future growth of the destination spa market.

Restraints/Challenges

  • High Costs of Services

However, the high cost associated with the services along with low penetration in developing economies will create hindrances for the growth of the destination spa market.

  • Adverse Effect of Pandemic

The government has impose various restriction to curb the pandemic which largely impacted the destination spa industry services. The halt of various activities and disruption of services will prove to be a demerit for the destination spa market. Therefore, this factor is anticipated to challenge the destination spa market growth rate.

This destination spa market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the destination spa market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Destination Spa Market

The recent outbreak of coronavirus had a huge impact on the destination spa market. The businesses were compelled to close or impose strict hygiene requirements and rules for their employees and visitors as a result of the coronavirus (COVID-19) pandemic, which had a huge impact on the industry. The number of spa visits would drop by more than 70% during the pandemic compared to the same time last year, according to 31% of spa sector executives surveyed globally in March 2020. Demand for spa treatments is anticipated to rise as more people maintain physically and mentally healthy lifestyles.

However, a recovery in the spa business is anticipated. Demand is rising as customers emphasize the value of their wellbeing, mental health, and stress alleviation. The current difficulty is finding and keeping enough employees, such as massage therapists and spa managers.

Recent Development

  • In March 2021, Zenoti, a cloud-based software provider for spas and salons, recently established a strategic alliance with Sutherland Global. Through the expansion of real-time service across chat and phone-based platforms, the company will be able to quickly resolve the majority of customer support concerns, thus enhancing the customer experience.

Global Destination Spa Market Scope

The destination spa market is segmented on the basis of service type and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Service Type

  • Balneotherapy
  • Body Treatments
  • Aromatherapy
  • Electrolysis
  • Facials
  • Fitness Consultation
  • Hair Care
  • Ionithermie
  • Massage
  • Medical Treatment
  • Nail Care
  • Nutrition Counseling
  • Skin Exfoliation
  • Waxing
  • Weight Loss

End User

  • Male
  • Female

Destination Spa Market Regional Analysis/Insights

The destination spa market is analyzed and market size insights and trends are provided by country, service type and end user as referenced above.

The countries covered in the destination spa market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the growth in the popularity of Thai massage, Ayurveda massage, Lomi massage and others within the region.

Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the expansion of tourism industry and rising popularity of destination spa in the emerging economies in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Destination Spa Market Share Analysis

The destination spa market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to destination spa market.

Some of the major players operating in the destination spa market are

  • Kindred Group PLC (Malta)
  • Flutter Entertainment plc (Ireland)
  • NetEnt AB (publ). (Sweden)
  • Betsson AB (publ)(Sweden)
  • Ladbrokes Betting & Gaming Ltd. (U.K.)
  • 888 Holdings (U.K.)
  • Lottery.hk (China)
  • The Hong Kong Jockey Club (China)
  • MGM Resorts International (U.S.)
  • Crown Resorts Limited (Australia)
  • Caesars Entertainment (U.S.)
  • Las Vegas Sands Corporation (U.S.)
  • Melco International Development Limited (China)
  • Genting Berhad (Malaysia)
  • Wynn Resorts Holdings, LLC (U.S.)
  • Galaxy Entertainment Group Limited (China)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Global Destination spa Market is expected to show a value of USD 22554.00 million in 2021.
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